CRI听力:Macao Chief Pledges to Boost Non-Gaming Industry

Macao Special Administrative Region chief Chui Sai On says diversification has to be the economic outlook.

"Appropriate diversification of the economy is the development trend for Macao. It will be the key point of our governing strategy. While stabilizing our pillar industry, we hope to boost the growth of the non-gaming industry to diversify the economy. We will continue to court international conventions and exhibitions in Macao. At the same time, we're going to foster the cultural and creative industries, as well as traditional Chinese medicine, on top of championing the environmental-protection sector."

At the same time, Chui says the SAR government is going to lend-a-hand to small and medium-sized companies by expanding the regional market and offering them a better business environment.

Chui Sai On says they're also looking at the possibility of setting up an investment development fund.

The annual speech to the legislative council comes at a tough time for Macao.

Revenues from casinos dipped by nearly 50-percent last month, the 9th month in a row the flow of money into Macao has dropped.

As a result, Macao's GDP declined 0.4 percent in 2014 on an annualized basis.

Macao is the only area of China which has legalized gambling.

It's been the backbone of the region's economy since the mid-19th century.

With 35 casinos, over 57-hundred gaming tables, Macao became the world's largest gambling location, overstepping Las Vegas in revenues nearly a decade ago.

The gaming industry makes up three-quarters of Macao's government revenues.

Noting that, Chui Sai On says his administration is working on plans to try to stabilize the gaming industry.

"After ten years of robust growth, the gaming industry is now slowing down. The government is coming up with policies to try to adjust the speed of growth while stabilizing the industry. This year, the government will conduct analysis on the development of the industry to work out new strategies. We will improve the laws, strengthen supervision and try to better regulate supervision so we can advance the the development of the gaming industry."

Last year saw some 45-billion US dollars worth of money flow through Macao in the gaming sector.

For CRI, I'm Qi Zhi.